it is common in CA current house marker to pay a home buyer commission cash rebate, but I am not sure if it is legal in CA?
it is better to provide the link of law documentation to prove it.
2007-10-04 09:16:36 · 3 answers · asked by coco 1 in Business & Finance ➔ Renting & Real Estate
The above 2 are partly correct, at least as far as the HUD-1 statement is concerned. Beyond that it's up to state law. In TX, it is absolutely prohibited whether it's declared on the HUD-1 statement or not.
2007-10-04 09:41:49 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
It's not, whether you are in California or not, the banks won't allow it and no payments to anyone are allowed "off the HUD" per the Real Estate Settlement Procedures Act, and that is FEDERALLY regulated.
It's a FELONY to do so.
That is the SAME THING as getting cash-back at closing, and no lender is going to allow that and no Realtor that values their license and clean criminal record is going to permit that.
2007-10-04 09:24:17 · answer #2 · answered by Expert8675309 7 · 0⤊ 1⤋
Mary B is only half correct.
It is perfectly legal if it is declared on the HUD-1 statement!
2007-10-04 09:28:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋